Answer:
By reducing their prices compare to the price of their competitors.
Step-by-step explanation:
Note, a competitive pricing strategy refers to a pricing strategy that involves deliberately finding out the prices in which your competitor sells their product and then tailoring yours to be a little lower than theirs, by so doing customers feel motivated to buy from you instead.
For example, Alibaba can go to its competitor, let's say Amazon. and see how sells an iPhone. Then Alibaba can reduce/set its own price benchmark based on their prices.